LONGMONT — Dallas-based residential developer Landsea Homes Corporation (Nasdaq: LSEA) is getting early into the Colorado market with the acquisition of Longmont’s Litchfield Homes, soon to become a top 10 builder in the Centennial state. We expect it to grow into one of the
Founded in Virtue about 11 years ago by William Edgington and Serge Goldberg, Litchfield has traditionally been a “small private builder with a focus on northern Colorado,” with most construction north of Denver. It was taking place along Interstate 25, said Lisa Wiebelhaus, who joined Litchfield in 2016. In 2016, he took the lead on sales efforts and quickly became co-owner of the business. She will serve as president of Landsea’s new Colorado division.
Over the past decade, the company has built approximately 200 homes a year, most of which were single-family homes or pairs.
In the Landsea era, there are plans to expand production and expand the construction area of the builder. “There’s still a lot of opportunity, not just in northern Colorado, but along the E-470 corridor, along the route to Commerce City, Aurora, Parker, Douglas County and Castle Rock,” Wiebelhaus told BizWest.
In addition to its new Colorado division, Landsea also has operations in New York, Arizona, Florida, Texas and California.
“We are very excited about this transaction as it provides Landsea with a unique opportunity to establish a presence in one of the nation’s premier housing markets,” Landsea CEO John Ho said in a prepared statement. “
Approximately 30 employees, nearly all of Lichfield’s staff, will move with the company to Landsea. However, Mr. Edgington and Mr. Goldberg will not be participating in the new company.
“Our goal is to be a top 10 home builder in the state,” Wiebelhaus said. “There will be growth associated with that, which means we will have more employees.”
She predicts that Landsea’s Colorado operations could employ twice the current number of employees in the next few years.
This growth could put some strain on the company’s office space on Kinbark Street. “We need to find a new location because it’s bursting at the seams,” Wiebelhaus said.
It has not yet been determined where Landsea’s Colorado division will locate its offices, but “we will have a geographic location in mind that is convenient for our employees as well as our customers.”
Landsea’s acquisition came about as Litchfield’s management “started talking about bringing in an equity partner to grow the business a little bit more,” Wiebelhaus said. Through that process, the company hired financial advisors and ultimately brought Richmark and Landsea together.
“They were a great fit for Litchfield,” she said. “We have the same values and the same ideas about our people and culture. For us, selling the assets to Landsea was a really great opportunity.”
This article was first published by BizWest, an independent news organization, and is published under license agreement.
